UK banks 'facing fewer complaints'
The number of complaints aimed at UK banks is falling, although the mis-selling of payment protection insurance (PPI) remains the biggest issue for consumers, according to new data from the Financial Conduct Authority (FCA).
Customers made a total of 2.9 million complaints to financial services firms in the first six months of 2013, 15 per cent fewer than the amount made in the second half of last year.
Although the number of recorded concerns about PPI dropped 18 per cent, they remain high at 1.8 million in total. Furthermore, complaints about other kinds of insurance products jumped six per cent, suggesting more issues could emerge in the coming years following the resolution of the PPI scandal.
On the bright side, a significant drop in complaints about credit cards saw the number of problems fall by 42 per cent to 164,134.
Banks have revamped their governance procedures in the wake of several reputation-damaging failures over the last few years, with the intention of regaining the trust of understandably wary consumers.
This is reflected in the increasingly efficient way in which they are handling complaints, a shift that is likely to please consumers keen to have their claims settled as soon as possible.
Complaints are also being dealt with faster than ever, with 92 per cent of them resolved within the targeted eight weeks - the highest percentage since FCA complaints data was first published in 2006.
Barclays Banks was the most complained-about institution, closely followed by Lloyd's Banks and MBNA Limited.
Financial companies have already paid out billions in compensation to customers affected by the miss-selling of PPI, while suffering from reputational damage as a result of the furore over the issue.
Mis-sold interest rate hedging products are expected to be yet another costly burden to financial institutions, with many banks already hiring staff to deal with the influx of complains around this problem.
Signup to receive the latest discipline specific articles
Related articles
![How to become a change manager: qualifications and requirements](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
Career Advice
23/07/24
Summary
What is a change manager? A change manager ensures that business-wide changes are executed smoothly and effectively. This could be the implementation of a new process, system, or organisational
by
James Thompson
![Five reasons change management is important in times of uncertainty](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Cillian Mcevoy
![Why is change management important in transformation?](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Oliver Bradley
Related jobs
Salary:
£65,000 - £80,000 per annum + + bonus + benefits
Location:
City of London, London
Industry
FinTech
Qualification
Fully qualified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity for a Commercial Finance Analyst to join a growing international FinTech.
Reference
BBBH181444
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£150,000 - £175,000 per annum + equity, bonus and benefits
Location:
London
Industry
Healthcare
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks sattin executive search is working with an effective international, PE Backed healthcare buy and build business
Reference
TA 3325
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Equity, Bonus and Benefits
Location:
Essex
Industry
Transport & Logistics
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is seeking a Chief Financial Officer to join a fast-growing PE-backed B2B business based in Essex.
Reference
TA 3324
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£100,000 - £120,000 per annum
Location:
City of London, London
Industry
Investment Banking & Capital Markets
Qualification
Fully qualified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity to join an international Bank and play a pivotal role in driving financial excellence, growth and transformation.
Reference
BBBH181445
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£180,000 - £200,000 per annum + Equity, Bonus and Benefits
Location:
City of London, London
Industry
Energy, Resources and Industrial
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a successful PE Backed B2B Infrastructure Consultancy business based in Central London
Reference
TA 3323
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Negotiable
Location:
Chorley, Lancashire
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Finance Manager (Management Accounts) - 40% home working
Reference
BBBH180107
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
Up to £55,000 per annum
Location:
Edinburgh
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Delighted to be working once more with one of our long standing clients, who due to restructure are recruiting a Commercial Financial Controller
Reference
BBBH179738
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
£85,000 - £95,000 per annum
Location:
Bristol
Industry
Technology
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged by an international software services company based in Bristol to recruit a Group Financial Controller.
Reference
BBBH181364
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
£50,000 - £55,000 per annum
Location:
Bristol
Industry
Manufacturing
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged on an exclusive basis to recruit a fantastic Capex Buyer role for a very exciting client based in the Bristol area.
Reference
BBBH181424
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
Negotiable
Location:
London
Industry
Pharmaceuticals & Life Sciences
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
A 6-month contract Senior Finance Business Partner role with a globally renowned research organisation in London.
Reference
JAR2802
Expiry Date
01/01/01
Author
Julia AruciAuthor
Julia Aruci